/System/Library/CoreServices/ManagedClient.app/Contents/Resources/MCXCompositor The background process MCXCompositor is responsible for assessing any available managed preferences. At system startup the compositor process queries directory services for computer and computer group managed preferences, and during login queries for user and group managed preferences. These preferences are then cached to the local computer so the management remains active even if the Mac is disconnected from the directory service.
The binary is a part of MCXCompositor application.